The Maine Loan. The Maine Loan TM can be acquired to qualified…

The Maine Loan. The Maine Loan TM can be acquired to qualified…

The Maine Loan TM can be obtained to qualified undergraduate and graduate pupils to borrow funds up to the entire price of education less other educational funding. This loan system exists to bridge the space amongst the complete price of university and old-fashioned educational funding resources. The Maine Loan TM is Maine’s Alternative scholar Loan TM made available from Finance Authority of Maine (FAME).

Loan Features

This alternative pupil loan offers three fixed interest levels with regards to the payment option chosen. All three rates of interest as well as the 0% upfront/guarantee charge are less than the 2019–2020 Federal Direct PLUS Loan, and so are in line with the payment choice you select.

  • A interest that is fixed of 4.49% 1, 5.49% 2, and 6.49% 3 according to the payment choice chosen. All rates are less than the 2019-20 Federal Direct (Parent/Grad) PLUS Loan.
  • Approved borrowers get the same interest that is fixed for the payment choice chosen, irrespective of credit score or if you can find co-borrowers.
  • There’s no (0%) guarantee cost.
  • 0.25% rate of interest decrease with automated debit re re payments. 4
  • A low minimum loan number of $1,000.
  • No annual or aggregate borrowing restrictions.
  • Six (6) grace period month.
  • No application cost.
  • No penalty that is pre-payment.
  • Year three (3) disbursements per academic.
  • A variety of payment terms as much as fifteen (15) years, with respect to the payment choice chosen.
  • Top quality, personalized customer care located in Maine.

The appropriate button below to apply online or print out a hard copy of the application, click. A formal credit evaluation will be performed upon the receipt of a completed application.

If you’re discovering that the Federal pupil loan system isn’t fulfilling your complete requirements, the Maine Loan TM could be the perfect loan for you personally. Borrow less than $1,000 or borrow as much as the total price of your training (less every other aid that is financial as decided by your college.

Eligibility

The Maine Loan TM is present to undergraduate and graduate pupils. The borrower must meet the following requirements to be eligible for the Maine Loan TM

  • Pupil must certanly be a Maine resident going to an approved payday loans HI school at half-time that is least in america or Canada, or an out-of-state student attending authorized schools at the very least half-time in Maine.
  • A minumum of one associated with borrowers should be a U.S. Resident or permanent resident.
  • All borrowers will need to have a legitimate u.s. Social protection quantity.
  • Pupil and s that are co-borrower(, if relevant, must demonstrate an audio credit score and capacity to repay your debt and fulfill FAME’s credit underwriting criteria, including:
    • A debt-to-income ratio never to surpass 50%;
    • The very least income that is annual required:
      • At the least $20,000 for pupil debtor alone
      • At the least $20,000 for just one co-borrower (pupil earnings maybe perhaps maybe not considered)
      • At the very least $20,000 combined for just two co-borrowers (student income perhaps not considered)
    • And, creditworthiness as based on overview of a credit history obtained from the nationwide recognized credit bureau.

For pupils with restricted or no credit score, earnings, and/or work, it could be required to use with more than one co-borrowers that are creditworthy.

NOTE: After approval associated with application for the loan, the student’s university school funding workplace must approve the student’s enrollment status and value of education just before disbursement of funds. The funds will be sent directly to the student’s school upon the school’s request.

Application

If you meet up with the criteria outlined, just select from the choices below to make use of online or download a PDF copy associated with application for the loan, then fill the student section out. If you don’t meet up with the criteria outlined you might use with a number of creditworthy co-borrowers.

NOTE: The prices and terms disclosed within are available while funds final.

Repayment Calculator

Make use of our calculator that will help you comprehend the feasibility of settling the debt along with your expected future earnings.

Loan Repayment Terms

A range is offered by the Maine Loan of repayment terms:

Immediate Repayment Interest just Payments Deferment of Principal & Interest Payments
Fixed interest

(with auto-pay) 4

4.24percent

(4.49% 1 without auto-pay)

5.24

(5.49% 2 without auto-pay)

6.24

(6.49% 3 without auto-pay)

APR

(with auto-pay) 4

4.24percent

(4.49% without auto-pay)

5.24

(5.49% without auto-pay)

6.02percent

(6.17% without auto-pay)

Repayment Term 120 months 180 months 180 months

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